<p>But the interest is still accruing during the 4 years you are a school right? That means at the end of 4 years you will have a debt of @ $190,000 (or more depending on the interest rate). Do you seriously and realistically think that you will be able to afford $1500 to $2200 a month in loan payments 6 months after graduating? And for 10-20 years? </p>
<p>Even if you were studying a field that would lead to a steadier income I would strongly discourage you from taking on such a horrendous debt. If musical theater is what you want to spend your life doing then you are probably destroying your own dreams if you take on such debt. Even if you come out of school and land a role on day 1 (which I am sure you know is unlikely however talented you are) you will be unlikely to make enough to pay the loan and eat and have somewhere to sleep.</p>
<p>I really hope you rethink this - tough though that may be. Instead of looking at the short term picture (4 years of school) look at the long term picture and how you see the 10-20 years after graduating. Your life will be ruled by the debt rather than following your dreams.</p>
<p>Private loans do accrue interest from the start of the loan. I have had students in the past (not BOCO students... I do not teach at BOCO.. actually these were not students where I currently teach either.. but at other schools where I have taught) who took out private loans and when they graduated were not able to take advantage of some of the wonderful (but lower paying) performance opportunities that were offered them because they would not be able to, make their loan payments.</p>
<p>I could be wrong... is there someone on here that confirm or deny?... but my understanding is that it is difficult to impossible to defer private loans for more than 6 months and they are not eligible for student loan consolidation... federal students loans give you additional deferral periods, I believe...</p>
<p>I could be wrong... my understanding is from my experience paying for graduate school with assistantships and loans, and from undergraduate students I have taught who were juggling loan repayment after graduation.</p>
<p>I do not say this to discourage you from attending your "dream school" but to encourage you to make sure that you ask the questions that will help you to make a more informed decision.</p>
<p>I agree it's crazy to let your college loans dictate your life for the next 20 years. It would limit all of your choices, including ever starting a family, buying a house, etc.</p>
<p>A couple of people have posted that some Boco students were given large talent based scholarships- does anyone know what "large" means? Are we talking full tuition?</p>
<p>Agree with you cktsing, borrowing 40K a year, with interest. That's a lot of $$$ to be looking at after graduation - in a field where job security is iffy. Good luck to you tay - I hope you can swing the finances some way without borrowing that much.</p>
<p>Work study was part of my D's package, though anything she earns from that will be her pocket money. I have heard that some kids aren't able to fit in a work study job because of the demanding schedule, so we will have to see how it plays out once school starts.</p>
<p>PS: Just filling out the 10-month tuition payment plan stressed me so badly I had to have my D's dad come and sit with me. Good Lord that a lot of money!!!!!!!</p>